Is it time to buy an EV?

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With petrol prices currently high, some Australians might wonder if now is the best time to bite the bullet and invest in an electric vehicle (EV). But with electric vehicle production also being affected by world events, your decision may not be as simple as you’d hoped.

Speaking to the Australian Financial Review Business SummitFormer Reserve Bank of Australia (RBA) member Warwick McKibben recently said the world could begin to shift away from fossil fuels in favor of clean energy due to soaring commodity prices. to Russia’s invasion of Ukraine.

According to the ABC, with Russian oil boycotts decreasing global supply, Australia could potentially see petrol prices of $2.50 per liter in the future. With that in mind, could it be worth switching from your gas-guzzling vehicle to an electric vehicle?

Right now, electric vehicles aren’t always the cheapest vehicle options, with the median price for a Tesla Model 3 standing at around $73,321, while a BYD Atto 3 has a median price of approximately $45,881. To help bring down the prices of electric vehicles in the future, the federal Liberal government and the Labor opposition have pledged to invest in electric vehicle infrastructure in Australia, in the form of the Future strategy on fuels and vehicles and the Discount on electric cars.

However, many of the same global issues affecting gasoline prices can also affect electric vehicle production. For example, nickel and lithium are used in electric vehicle batteries, and their prices have risen sharply alongside many other products these last weeks.

Before you trade in your gas-powered car for a hybrid or an electric vehicle, it’s important to compare the options available and think about which choices best suit your needs, now and in the future. The same goes for financing your vehicle: there’s a wide range of auto loan options to consider, including green loans specifically for electric vehicles, hybrids, and similar fuel-efficient cars.

Green car loan (varies)

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You could win a $1,000 fuel voucher ~ Ends with 9 months

Fixed rate green car loan

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You could win a $1,000 fuel voucher ~ Ends with 9 months

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